Ombudsman compares companies’ disputes
The Financial Ombudsman Service (FOS) has released comparative tables on major financial services companies for the first time.
The tables – released today as part of the service’s annual review – means customers will be able to determine the likelihood of disputes against particular providers and what the outcomes of previous disputes were.
The data released today covers only the second half of the 2009/10 reporting period.
Chief Ombudsman Colin Neave say the tables are the “fairest and most meaningful way” to present information about financial services complaints across a wide range of products.
The annual review figures show insurance disputes accounted for 27% of complaints to FOS, with 5684 disputes.
Some 83% of these related to general and domestic products – 41% for motor and 10% for home insurance.
The motor figures include all forms of motor vehicle disputes from uninsured third-party issues to accidental damage, theft and fraud.
The figures also show a 6% jump in overall new disputes to 23,790, while resolved disputes also increased dramatically by 27% on the previous year from 17,007 to 21,543.
An average of 159 “financial difficulty” disputes a month in the first half of the reporting period increased to 282 a month during the January to June period.